Full text of G.20 Sales Finance Companies : May 4, 1954

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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
G.20

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May it, 19$k
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i SAIRS FINANCE COMPANIES
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MARCH 19$h
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-passenger car instalment paper held by sales, finance
companies continued to decline during March, the fourth consecutive month of decrease. The March decline, 71 million
dollars, brought month-end holdings to an estimated 5,079
million dollars. Total consumer instalment credit outstanding
at sales finance companies amounted to an estimated 5,892
million dollars at the end of March, 82 million below the
preceding month end but 718 million above a year earlier.
The volume of credit extended on passenger cars
during March increased 96 million dollars over February's
volume to an estimated total of U87 million for the month.
The gain reflected increases in both new and used car financing.
However, repayments on old debt also increased during the
month, and continued above new extensions with a consequent
further decline in outstanding balances.
Wholesale automotive paper outstanding showed a
further increase of 28 million dollars during March, amounting
to an estimated 1,023 million at the month end. Wholesale
paper other than automotive also increased during the month,
while other types of business credit decreased.

Outstanding Credit Held by Sales Finance Companies
(in millions of dollars)

Type of credit

Increase or decrease during;
Mar. 31, Mar.
Mar.
Year ended
1951
Mar. 31, 195U
1953
195U

Consumer instalment credit
Retail automotive (passenger cars)
Other consumer goods paper
Repair and modernization loans
Personal loans

5,892
5,079
3U0
8U
389

- 82
- 71
- 11
- 1
+ 1

+1U3
+1U2
+ 3
- 1
- 1

+718
+677
— 2
+ 5
+ 38

Business credit l/
Retail automotive (commercial vehicles)
Wholesale automotive
Wholesale other than automotive"
Other business credit

1,823
382
1,023
U5
373

+
+
+
-

+ 73
+ 7
+ U6
+ 9
+ 11

+ 12
-168
+192
- lU
+ 2


factoring operations.


13
12
28
7
10

G.20

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-

Credit Extended by Sales Finance Companies
(In millions of dollars)

Mar*
i?5U

Type of credit
Consumer instalment credit
Retail automotive (passenger cars)
New
Used
Other consumer goods paper
Repair and modernization loans
Personal loans

Retail automotive paper (commercial vehicles)
New
Used

.

Wholesale automotive paper
New (passenger and commercial)
Used (passenger and commercial)
Wholesale other than automotive
Other business credit 1/

576

+112

-127

U87

+ 96

-122

267
220

+ 55
+ hi

- 50
- 72

+

5
0
+ n

- 12
0
+ 7

976

+162

-106

Jh
22
12

+

7

- 20

+

h
3

- 12
- 8

827
776
51

+137
+129
+ 8

- 76
- 66
- 10

+
+

-

29
U
56

Business credit 1/

Change from?
Month Year
ago
ago

21
91

+

9
9

5
5

Number of Motor Vehicles Financed by Sales Finance Companies
• (In thousands)
Mar,
195U

Change from:
Month Year
ago
ago

Total financed at retail
New:, passenger
Used passenger
New commercial
Used commercial

hid
1U2
2h3
15
18

+
+
+
+
+

83
29
i|6
3
5

- 86
- 36
- 36
- 8
- 6

Total financed at wholesale
New (passenger and commercial)
Used (passenger and commercial)

396
350
b6

+ 65
+ 57
+ 8

- 39
- 30
- 9

Type of vehicle

1/ Excludes some credit extended to business, such as credit arising
from Tactoring operations«